(ECNS) — Chinese e-commerce giant Alibaba has purchased the remaining shares to complete its takeover of food delivery platform Ele.me, according to an internal letter from Ele.me CEO Zhang Xuhao.
Zhang said Ele.me will remain an independent brand and operate independently inside Alibaba's ecosystem as it has developed 260 million users and cooperated with more than 2 million business partners and 3 million deliverymen in 10 years.
The market potential is still large and Alibaba's overall strengths in 'new retail' can be a strategic resource for e, he added.
Zhang said Alibaba's Vice President Wang Lei will become chief executive at Ele.me, while he himself will become chairman and serve as a special advisor to Alibaba on new retail strategies.
The latest acquisition will enlarge Alibaba's food delivery empire, which also includes delivery platform Koubei, as it competes with Meituan Dianping backed by Tencent.
Zhang didn't disclose the transaction value of the takeover, but insiders said it's the largest in China's Internet history.